The FTX technical chart indicates an overall downtrend in this token. The token price has recently plummeted to 0.786 FIB and is still trying to obtain sufficient demand. However, a bullish divergence in the RSI chart suggests a bullish recovery from this support.
Source- Tradingview
Past Performance in FTT token chart
Since the last quarter of 2021, the FTX token has been traveling a downward rally. From the previous high of $86.2, the token price has discounted 57% and plunged to 0.786 Fibonacci retracement level($36.2).
The market buyers tried a few attempts to start a new rally. However, the intense supply pressure from the $44.22 mark rejected the pair immediately and dropped it back to bottom support levels.
FTX Token Consolidating In A Short-Range
Source-Tradingview
This lower time frame chart displays the FTT token price has been resonating between the $44.2 and $36.5 mark from the past month. The consolidation indicates a narrow range in the technical chart, providing a retesting period for the trending price.
Anyhow, this short-range offers an excellent trading opportunity when the price breaches either of their levels. With the recent bloodbath in the crypto market, the token price is dumb back to the lower support of $36.5, where it’s again showing a recovery sign.
By the press time, the current price of the FTT token is $38.36, with an intraday gain of 0.79%. Moreover, the 24hr volume change is $440.2 Million, indicating a 1.95% hike. According to coinmarketcap, the token stands at #32 rank with its current market cap of $5.3 Billion(-8.5%).
Technical Indicators-
- -Even though the price consolidates a narrow range, the daily-RSI(40) is a constant rise towards the higher level. This bullish divergence hints the token has a better probability of giving a bullish breakout from the crucial resistance of $44.2
- – The FTT price trading is below the trend defining 100 and 200 DMA. Moreover, the token price is obtaining strong resistance from the 50 DMA line.
- – The Bollinger band indicator is leading the majority of price action in this range-bound market. However, the price has recently given a fake out from the lower band line, which could fuel the price to rally towards the overhead resistance.
The important price action levels are;
Resistance: $44.2 $47.5
support:$36.5, $30.7
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Source: https://coingape.com/ftt-price-analysis-rising-rsi-slope-in-ftx-token-hints-upcoming-bullish-rally/